Which basic assumption is illustrated when a firm reports financial results on an annual basis?
A) Economic entity assumption.
B) Going concern assumption.
C) Periodicity assumption.
D) Monetary unit assumption.

Question

Quizplus · Accepted Answer

The periodicity assumption states that financial results should be reported on a regular and consistent basis, usually annually, to provide meaningful information for investors and other stakeholders.

Which Basic Assumption Is Illustrated When a Firm Reports Financial